TIS Mortgage Names New Board Members; Moves Seen as Key Elements in Repositioning

Business Wire, Feb 11, 1999

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 8, 1999--TIS Mortgage Investment Company (PCX:TIS) today announced the election of two new members to its Board of Directors in actions designed to better position the company for long-term growth and profitability.

They replace members who left the Board as part of a broad strategic realignment. Details of the repositioning actions were announced earlier by President and Chief Executive Officer Lorraine O. Legg.

Joining the Board are Anthony H. Barash, Senior Vice President, Corporate Affairs, and General Counsel of Bowater Incorporated, of Greenville, South Carolina; and, J. David Schemel, who is active in a variety of real estate ventures in the San Francisco Bay Area and Sacramento.

Concurrently, the company announced the resignations of Christopher L. Jarratt and James G. Lewis of Nashville, Tennessee; and, Richard M. Osborne of Mentor, Ohio. The company also announced that, in an unrelated move, Melvin W. Petersen had earlier resigned from the Board.

As Senior Vice President of Bowater Incorporated at its corporate headquarters in Greenville, South Carolina, Anthony H. Barash has extensive experience in corporate mergers and acquisitions, real estate and securities transactions, and administrative matters. As Bowater's General Counsel, he has overall responsibility for Bowater's legal matters. He is also responsible for corporate communications and governmental affairs. He holds a Juris Doctorate from the University of Chicago Law School and a BA degree in Government from Harvard College.

J. David Schemel has considerable experience in residential development and has completed many land subdivisions in the San Francisco Bay Area and Sacramento. Formerly a Vice President of TRI Commercial Real Estate, he has managed a variety of workout transactions. A managing member of several area real estate partnerships, he has extensive experience in property acquisition, the development process, construction and project marketing. He is a BA graduate from Tulane University, and he received his MBA from the University of San Francisco.

"Together, these new members of the Board bring a variety of complementary skills which we believe will materially contribute to the ongoing growth and value of TIS Mortgage Investment Company," said Legg. "We are pleased to have their wisdom, counsel and practical skills in the important work of redirecting the activities of our company toward greater productivity and profitability."

TIS Mortgage Investment Company is a San Francisco-based real estate investment trust (REIT) that invests in mortgage-related assets and owns and operates apartment communities, located in California's Central Valley, and shopping centers in San Francisco's North Bay Area.